Regulatory, conformity, and litigation developments within the monetary solutions industry
Home > CFPB > CFPB Sends Clear Message That FinTech Start-Ups have actually exact exact Same responsibilities as Established Companies
In a definite message to FinTech start-ups, on September 27, 2016, the customer Financial Protection Bureau (CFPB) ordered online lender Flurish, Inc. to pay for $1.83 million in refunds and a civil penalty of $1.8 million for neglecting to deliver the guaranteed great things about its services and products. Flurish, a san francisco bay area based business conducting business as LendUp, provides little buck loans through its web site to customers in a few states. In its permission purchase, the CFPB alleged that LendUp didn’t give customers the opportunity to build credit and supply usage of cheaper loans, it would as it claimed.